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S. Korea Sees Slight Growth in Q2

South Korea’s economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday, Yonhap reported. In the April-June period, the country’s gross domestic product expanded 0.8% from the previous quarter, accelerating from a 0.5% on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea. The latest reading marks a slight increase from an earlier estimate of a 0.7% on-quarter expansion in late July. From a year earlier, the local economy grew 3.3% in the second quarter, compared with a 2.8% on-year expansion in the previous quarter. The construction industry helped keep the local economy growing, with its output increasing 12.4% on-year, while output by the manufacturing industry climbed 2.2% on-year. Construction investment went up 3.1% on-quarter, and facility investment also increased 2.8%. The service industry expanded 3% on-year. Consumer spending grew 3.3% on-year, while exports increased 1.9%. Meanwhile, the BOK said the country’s gross national income moved up 0.8%, down from a 2.7% on-quarter growth in the first quarter.